Alibaba Hops on the Metaverse Bandwagon with New Business Unit
- Alibaba Group registered a software-development business.
- The new unit in Beijing is called Yuanjing Shengsheng.
- Analyst believes this is the step for Alibaba to penetrate the gaming and metaverse sector.
Chinese Giant Alibaba Group has registered a new business unit in Beijing called Yuanjing Shengsheng. This move intends to test out the gaming potential of the highly talked about metaverse–deemed the future of the internet.
Exclusively owned by Alibaba’s investment arm, Yuanjing Shengsheng has declared its major business as software development and services. This information is according to the public registry tracking firm Tianyancha.
With a registered capital of $1.6 million or 10 million yuan, the new unit reinforces Alibaba’s growing interest in metaverse. In detail, metaverse is an immersive 3D virtual space where people can interact with one another.
In recent news, Alibaba Group has launched its native non-fungible token (NFT) marketp ...
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